Starting Of Start-up
PharmEasy is an online medical platform where it helps connect patients with local pharmacy stores which enables patients in getting 100% genuine medicines and healthcare products and also have services like diagnostics tests by collecting samples at home, teleconsultation for the patients which will help you have the highest savings and will deliver the products in the shortest time possible. PharmEasy is by founded in 2015 by 2 young Mumbaikars Dr Dhaval Shah, an MBBS from Rajiv Gandhi Medical College and MBA from XLRI Jamshedpur and Dharmil Sheth, an MBA from IMT Ghaziabad. The headquarters of the company is situated in Mumbai. PharmEasy is one of the top online medical care platform pharmacy apps used by more than 5 million people in India.
The start-up of the company presently caters to over 20 lakh families annually and has added over more than 22,000 new pin code to their network and delivers in more than 1000 cities in the past 5 years. Pharmeasy operations have been serving in some of the major cities of India including Mumbai, Pune, Ahmedabad, Jaipur, Delhi, Noida, Hyderabad, Chennai, Thane, Howrah, Gurgaon, Navi Mumbai, Lucknow, Ghaziabad, Vadodara, Kolkata, and Bangalore. Today PharmEasy through its app is a present pan India and reaches out to its millions of customers by providing the best and fastest services to the patients. The app has also an auto-reminder feature Of medicines for the patients so that they never miss a medicine dose. Thus, the company PharmEasy owns awards and titles as it deserves such as the Owler’s HOT In Mumbai Award in 2016, also as the 100 Most Promising Brands in India in 2016 and had its name under the Forbes India “30 under 30” list in 2017.
The app has services of medicines, healthcare products and diagnostics tests under which they provide several categories items such as Ortho care, nutrition and fitness supplements, personal care products, ayurvedic care, baby and mom care, skincare, diabetic care, medical devices, sexual wellness products, short term ailments, lifestyle ailments, home care, women care, health food and drinks stuff and also essential Covid products. The users simply need to upload a prescription on the app to have their medicines delivered to their doorstep and then the prescription uploaded on the platform is verified by a licensed pharmacist before it is processed. Medicine delivery is made within 6 hours after being verified. On almost all the products discounts, offers and cash backs you can get and orders delivered in 24-48 hours which can be very beneficial for all the patients help them save money and time.
Evolving as an online company PharmEasy received funding from various investors are in 2016 groups such as Bessemer Venture Partners and Orios Venture Partners gave funds of $15 million to the company. Then In 2017 groups such as Bessemer Venture Partners, Orios Venture Partners and more gave funds of $16 million to the company. In 2018 many groups of investors invested in the company as the company was growing and getting popular in the country. For instance, in 2018 a group of investors of Bessemer Venture Partners, Nandan Nilekani, Fundamentum, Orios Venture Partners, Think Investments, Eight Roads Ventures India, F-Prime Capital Partners and more gave funds of $2 Billion, then InnoVen Capital provided the company with $ 400 million, then another group of investors named Ascent Health and Wellness Solutions, Bessemer Venture Partners, Orios Venture Partners and more gave $80 Million funds and also a group of investors of Eight Roads Ventures India, FIL (Fidelity International Limited), F-Prime Capital provided funds of $50 Million to the PharmEasy company. Lastly, in 2019 Temasek Holdings invested $220 million in the company.
PharmEasy has acquired Medlife and the deal values the stake of Medlife shareholders at $250 million. The deal will make PharmEasy the most prominent app in the domestic online pharmacy sector. PharmEasy and Medlife together hold 60-70% market share. The pandemic has changed the fortunes of e-pharma players, with people switching to online purchase of generic medicines and medical devices such as thermometers, oximeters, and health supplements and the reports say online pharmacy providers have seen up to 60 per cent rise in sales during the second wave of the pandemic.
In this corona time a wide range of masks, sanitisers and special corona safety kits are made available on the PharmEasy App. In these havoc times in the second wave of Covid-19 has hit India hard with a record rise in COVID-19 cases which has surpassed even the worst phase of last year.
(Author of the article Khushi Masarani. Khushi is independent writer & blogger in space of Healthcare & life sciences. The views expressed in the article are solely those of the author in her private capacity)